Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - In the short - term, although the precious metals market experiences high - level fluctuations due to "buy the rumor, sell the fact", factors such as the unexpected decline in the US August PPI and the cooling of the US employment market increase the probability of a Fed rate cut in September and raise the expectation of a 50bp cut, so precious metal prices are still supported. Before the rate cut is implemented, precious metal prices are expected to remain at high levels, but investors should beware of increased volatility. Gold long positions can be held [5]. - In the long - term, with Fed rate cut expectations, continuous global geopolitical uncertainties, intensified great - power competition, and the wave of de - dollarization, the long - term center of gold prices is likely to continue to move up [5]. 3. Summary by Relevant Catalogs Price Tracking - On September 10, 2025, compared with September 9, London gold spot decreased by 0.1% to $3641.89/ounce, London silver spot decreased by 0.6% to $41.02/ounce, COMEX gold decreased by 0.2% to $3680.00/ounce, and COMEX silver decreased by 0.9% to $41.47/ounce. AU2510 was at 833.42 yuan/gram with a 0.1% decrease, and AG2510 was at 9796 yuan/kg with a 0.5% decrease. AU (T + D) decreased by 0.2% to 829.50 yuan/gram, and AG (T + D) decreased by 0.6% to 9771 yuan/kg [5]. - Regarding price spreads, from September 9 to 10, the gold TD - SHFE active price spread increased by 12.6%, the silver TD - SHFE active price spread increased by 47.1%, the gold internal - external price spread (TD - London) increased by 53.3%, and the silver internal - external price spread (TD - London) decreased by 0.2%. The SHFE gold - silver ratio increased by 0.4%, and the COMEX gold - silver ratio increased by 0.7% [5]. Position Data - As of September 9, 2025, compared with September 8, the gold ETF - SPDR remained unchanged at 979.68 tons, the silver ETF - SLV decreased by 0.45% to 15069.6026 tons. COMEX gold non - commercial long positions increased by 14.52% to 315796 contracts, and non - commercial short positions increased. COMEX silver non - commercial long positions increased by 16.43% to 249530 contracts, and non - commercial short positions decreased by 14.79% to 18543 contracts [5]. Inventory Data - On September 10, 2025, compared with September 9, SHFE gold inventory increased by 3.46% to 45951 kg, and SHFE silver inventory increased by 0.15% to 1252170 kg. COMEX gold inventory decreased by 0.21% to 38912305 troy ounces, and COMEX silver inventory increased by 0.35% to 520707139 troy ounces [5]. Interest Rates/Exchange Rates/Stock Market - On September 10, 2025, compared with September 9, the US dollar/Chinese yuan central parity rate increased by 0.08% to 7.11. The US dollar index increased by 0.33% to 97.77, the 2 - year US Treasury yield increased by 1.43% to 3.54%, the 10 - year US Treasury yield increased by 0.74% to 4.08%, the VIX decreased by 0.46% to 15.04, the S&P 500 increased by 0.27% to 6512.61, and NYMEX crude oil increased by 0.50% to 62.77 [5]. Market Review - On September 10, the main contract of Shanghai gold futures closed up 0.21% at 833.42 yuan/gram, and the main contract of Shanghai silver futures closed down 0.72% at 9796 yuan/kg [5].

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - Lithium mica extraction of lithium has changed from a contraction to an expansion expectation, which is expected to stimulate bearish sentiment in the market, and the futures price may be weak in the short term [3] Group 3: Summary of Related Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 73,450 yuan, down 1,150 yuan; the average price of SMM industrial - grade lithium carbonate is 71,200 yuan, down 1,150 yuan [1] - The closing prices of lithium carbonate futures contracts 2509, 2510, 2511, 2512, and 2601 are 70,300 yuan (-5.33%), 70,560 yuan (-5.29%), 70,720 yuan (-4.87%), 70,880 yuan (-4.37%), and 70,800 yuan (-4.81%) respectively [1] Lithium Ore - The price of spodumene concentrate (CIF China) is 849 yuan, down 30 yuan; the price of lithium mica (Li₂O: 1.5% - 2.0%) is 1,115 yuan, down 42.5 yuan; the price of lithium mica (Li₂O: 2.0% - 2.5%) is 1,815 yuan, down 50 yuan; the price of amblygonite (Li₂O: 6% - 7%) is 6,000 yuan, down 350 yuan; the price of amblygonite (Li₂O: 7% - 8%) is 7,050 yuan, down 300 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 33,620 yuan, down 275 yuan; the average price of ternary material 811 (polycrystalline/power type) is 145,900 yuan; the average price of ternary material 523 (single - crystal/power type) is 118,750 yuan, down 125 yuan; the average price of ternary material 613 (single - crystal/power type) is 123,550 yuan, down 75 yuan [2] Price Spreads - The spread between battery - grade and industrial - grade lithium carbonate is 2,250 yuan; the spread between battery - grade lithium carbonate and the main contract is 2,730 yuan, up 1,030 yuan; the spread between the near - month and the first - continuous contract is - 160 yuan, up 20 yuan; the spread between the near - month and the second - continuous contract is - 320 yuan, down 160 yuan [2] Inventory - The total weekly inventory is 140,092 tons, down 1,044 tons; the weekly inventory of smelters is 39,475 tons, down 3,861 tons; the weekly inventory of downstream is 55,207 tons, up 2,407 tons; the weekly inventory of others is 45,410 tons, up 410 tons; the daily registered warehouse receipts are 38,101 tons [2] Profit Estimation - The cash cost of purchasing spodumene concentrate externally is 73,889 yuan, and the profit is - 1,507 yuan; the cash cost of purchasing lithium mica concentrate externally is 77,715 yuan, and the profit is - 7,321 yuan [3] Industry News - Ningde Times' subsidiary is promoting the resumption of production of the Shixiawo lithium mine and aims to complete the resumption in November this year [3] - Six departments jointly issued a notice to carry out a three - month special rectification action on network chaos in the automotive industry [3]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report Core View - The pulp fundamentals still show no signs of recovery, with no significant reduction in pulp port inventories and the number of warehouse receipts, indicating a short - term weak performance [1]. Group 3: Summary by Related Catalogs Pulp Price Data - On September 10, 2025, the futures price of coniferous pulp Silver Star (SP2601) was 5272, with a daily increase of 0.11% and a weekly decrease of 0.98%; the spot price was 5650, with a daily decrease of 0.88% and a weekly decrease of 1.22%. The futures price of coniferous pulp Russian Needle was 5170, unchanged daily and down 0.58% weekly [1]. - The futures price of broad - leaf pulp Goldfish (SP2509) was 4938, with a daily increase of 0.16% and a weekly decrease of 1.20%; the price was 4180, unchanged daily and down 0.48% weekly [1]. - The external quotation of Chilean Silver Star was 720, a month - on - month decrease of 2.70%; the import cost was 5884, a month - on - month decrease of 2.68%. The external quotation of Brazilian Goldfish was 530, a month - on - month increase of 3.92%; the price was 4344, a month - on - month increase of 3.87% [1]. Pulp Fundamental Data - In July 2025, the import volume of coniferous pulp was 64.6 tons, a month - on - month decrease of 4.72%; the supply of broad - leaf pulp was 135.1 tons, a month - on - month decrease of 5.85%. The pulp shipment volume to China increased by 23% [1]. - As of September 4, 2025, the domestic production volume of broad - leaf pulp was 21.1 tons, and that of chemimechanical pulp was 21.1 tons. The pulp port inventory was 206.6 tons, and the futures delivery warehouse inventory was 24.7 tons [1]. - The production volume of offset paper was 19.50 tons, that of coated paper was 7.80 tons, that of tissue paper was 28.15 tons, and that of white cardboard was 33.80 tons [1]. Pulp Valuation Data - On September 10, 2025, the basis of Russian Needle was 174, with a quantile level of 0.889; the import profit was - 234, with a quantile level of 0.271. The basis of Silver Star was 654, with a quantile level of 0.884 [1]. - The basis of broad - leaf pulp Goldfish was - 164, with a quantile level of 0.478 [1]. Supply, Demand, and Inventory - Supply: Brazil's Suzano announced a $20/ton price increase in the Asian market in August 2025. Chile's Arauco notified the August quotation, with the price of coniferous pulp Silver Star at $720/ton, the supply of broad - leaf pulp Star decreased by 50%, and the price of natural pulp Venus at $590/ton [1]. - Demand: The current demand for paper products remains basically stable. Some offset paper and white cardboard paper mills have issued price increase letters, but the implementation situation remains to be observed [1]. - Inventory: As of September 4, 2025, the inventory of China's mainstream pulp ports was 206.6 tons, a decrease of 1.8 tons from the previous period, a month - on - month decrease of 0.9%, showing a de - stocking trend [1].

Report Industry Investment Ratings - Bullish: Gold, Aluminum, Cotton (short - term), MO1, BR Rubber [1] - Bearish: Glass, Sugar, Corn (C01), Ethylene Glycol, Styrene, Urea (upside limited), Some chemical products (PVC, etc. with weak - side trend) [1] - Neutral (Oscillating): Index Futures (short - term adjustment for long - position opportunity), Treasury Bonds (suppressed in the short - term), Copper, Zinc, Nickel, Stainless Steel, Tin, Industrial Silicon, Polysilicon, Carbonate Lithium, Rebar, Hot - Rolled Coil, Iron Ore, Palm Oil, Rapeseed Oil, Pulp (11 - 1 positive spread), Logs, Crude Oil, Fuel Oil, PTA, Short - Fiber, Some chemical products (like Melamine, etc.) [1] Core Viewpoints - The short - term adjustment of index futures due to the widening of the discount and liquidity drivers may bring opportunities for long - position layout; asset shortage and weak economy are favorable for bond futures, but the central bank's short - term interest - rate risk warning suppresses the upside [1]. - Gold continues to rise due to increased interest - rate cut expectations and the People's Bank of China's continuous ten - month increase in holdings, with an expected long - term upward trend [1]. - Metal prices are affected by factors such as macro - economy, supply and demand, and production capacity. For example, copper has limited downside due to expected interest - rate cuts, while aluminum is expected to be strong as the consumption peak approaches [1]. - Agricultural product prices are influenced by factors like production, inventories, and market expectations. For instance, new cotton has a tight short - term supply, while sugar is expected to be weak with limited downside [1]. - Energy and chemical product prices are affected by production, inventory, and macro - policies. For example, PTA production has recovered, and ethylene glycol is under pressure from new device production [1]. Summary by Categories Macro - Financial - Index Futures: Short - term adjustment may offer long - position opportunities due to the widening of the discount and liquidity drivers [1] - Treasury Bonds: Asset shortage and weak economy are favorable, but short - term central - bank warnings suppress the upside [1] - Gold: Expected to continue rising, with a long - term upward trend due to interest - rate cut expectations and central - bank purchases [1] Non - Ferrous Metals - Copper: Pressured by weak US non - farm data, but limited downside due to expected interest - rate cuts [1] - Aluminum: Expected to be strong as the consumption peak approaches and interest - rate cut expectations rise [1] - Alumina: Weak fundamentals due to increased production and inventory, but long - position opportunities in the far - month contracts [1] - Zinc: Under pressure from inventory accumulation, but limited downside due to LME inventory reduction and macro - support [1] - Nickel: Follows macro - fluctuations in the short - term, with long - term pressure from primary - nickel oversupply [1] - Stainless Steel: Short - term weak - side oscillation, with attention to steel - mill production [1] - Tin: Supported by the current situation, with low - long opportunities [1] - Industrial Silicon: Supply recovery and weak demand in the short - term, with long - term production - capacity reduction expectations [1] - Polysilicon: Limited production expansion and low terminal demand [1] - Carbonate Lithium: Expected to recover production, with limited subsequent replenishment space [1] Agricultural Products - Palm Oil: Expected small inventory increase in the MPOB report, with limited negative impact and callback - long opportunities [1] - Rapeseed Oil: Attention to the USDA report, with long - term bullish logic and callback - long opportunities [1] - Cotton: Tight short - term supply, with acquisition competition as a focus [1] - Sugar: Expected weak - side oscillation with limited downside [1] - Corn: Expected to be abundant, with a recommendation to short C01 at high prices [1] - MO1: In an upward channel, with a recommendation to long at low prices [1] - Pulp: Consider 11 - 1 positive spread due to price decline and reduced warehouse receipts [1] - Logs: Weak - side oscillation with unchanged fundamentals and falling prices [1] Energy and Chemicals - Crude Oil: Affected by geopolitical tensions, OPEC+ production decisions, and interest - rate cut expectations [1] - Fuel Oil: Similar influencing factors as crude oil [1] - PTA: Production recovery and increased downstream开工率 [1] - Ethylene Glycol: Under pressure from new device production and increased hedging [1] - Short - Fiber: Factory device recovery and weakened delivery willingness [1] - Styrene: Supply increase and import pressure, with a bearish outlook [1] - Urea: Limited upside due to weak domestic demand, but supported by anti - involution and cost [1] - Melamine: Weak - side oscillation due to macro - factors and limited demand [1] - PVC: Oscillation with reduced maintenance and increased supply pressure [1] - Alumina Ore: Expected price rebound due to approaching peak season and low inventory [1] - PG: Limited upside due to a bearish fundamental despite rising international oil prices [1] - Container Shipping: Declining freight rates due to high supply and expected price convergence [1]

投资咨询业务资格:证监许可【2012】31号 IIG国贸期货 贵金属数据日报 G国贸期货 世界500强投资企业 E 贸期货有限公司 成为一流的衍生品综合服务商 官 方 网 站 fød 服 热 线 400-8888-598 www.itf.com.cn 市 市 需 有 140 pc 入 川 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/9/9 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 白素娜 | | 从业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2510 | AG2510 | AU (T+D) | AG (T+D) | | 内外盘金 | | (美元/盎司) | (美元/盎司) | (美元/盗司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 银15点价 | | | | | | | | | | | 格跟 ...

| 投资咨询业务资格:证监许可【2012】31号 | | | | | | | ITG 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | 国贸期货研究院 | | | | | | 投资咨询号:Z0015194 | | | | | 农产品研究中心。 | | | | 杨璐琳 | | 从业资格号:F3042528 | | 2025/9/9 | | | | | | | | 纸浆价格数据 | | | | | | 2025年9月8日 | | | 日环比 | 周环比 | | | 2025年9月8日 | HM.N. | 107 m FDI | | SP2601 | | 5290 | -0. 71% | -0. 86% | | 针叶浆银星 | 5700 | -0. 35% | 0. 00% | | SP2511 | 期货价格 | 5026 | -0. 71% | -0. 28% | 现货价 | 针织我针 | 5170 | -0. 58% | 1. 37% | | SP2509 | | 49 ...

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 数据日报 国贸期货研究院 农产品研究中心 黄向岚 投资咨询号: Z0021658 从业资格号:F03110419 2025/9/8 400 | 指标 | | 9月5日 | 涨跌 | | | | 豆粕主力合约基差(张家港) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 | 33 | -39 | 1600 | == ===== 22/23 | | ----- 19/20 == | == - 24/25 | | == - 25/26 | | 43%豆粕现货基差 | 天津 日照 | -7 -67 | -19 -39 | 1200 400 | | | | | | | | | | | | 800 | | | | | | | | | 张家港 | -27 | -19 | | | | | | | | | (对主力合约) | | | | 400 | | | | | | | | | | | | 01/21 | 02/21 03/24 04/24 | | ...

白糖数据日报 投资咨询业务资格:证监会许可【2012】31号 ITG国贸期货 --- 2020 --- 2021 ----- 2022 · 19/20 ------- 20/21 ------- 21/22 ------- 22/23 - 23/24 24/25 3000 800 2024 - 2023 2025 2500 600 2000 1500 400 1000 200 500 0 0 09/0 20 oplo 12月 2月 5月 11月 10月 1月 3月 4月 6月 7月 8月 9月 郑糖9-1月差 柳州-09基差 1200 - SR2009-SR2101 -- SR2109-SR2201 -- SR2209-SR2301 000 1000 SR2309-SR2401 SR2409-SR2501 SR2509-SR2601 800 600 400 400 200 W 200 0 -200 0 -600 -200 SR1609 SR1709 · SR1809 · SR2009 SR1909 -400 SR2509 SR2109 · SR2209 · SR2309 · ·SR2409 01/21 02/ ...

| CTEWHo | 日度 策略参 | | | | | | --- | --- | --- | --- | --- | --- | | 发布日期:2025/09 | 八 4/ 谷居 : FOV 1/2 | | | | | | 趋势研判 | 行业板块 | 逻辑观点精粹及策略参考 | 品种 | 短期股指期货贴水幅度再度扩大,叠加流动性驱动,股指短期调 | | | 整或带来多头布局的机会。 | 资产荒和弱经济利好债期,但短期央行提示利率风险,压制上涨 | 国债) | 農汤 | | | | 空间。 | 宏观金融 | 降息预期升温叠加中国央行连续10个月增持,金价继续上涨。预 | 看多 | 南金 | | | 计长期重心仍有上行空间。 | 白银 | 短期或高位偏强运行,警惕波动放大风险。 | 看头 | | | | 短期美国非农疲软引发衰退担忧交易,铜价承压,但美联储降息 | 在即,铜价下行空间有限,关注低位布局多单机会。6 | | | | | | 国内消费淡季下,国内铝下游需求承压,但美联储降息预期提 | LE 35 | 升,铝价震荡运行。 | | | | | 氧化铝产量及库存双增,基本面偏弱施压价格,国内反内卷叙事 | ...

F3071622 Z0014205 F03133773 2012 31 2025-09-08 PVC: 01 PART ONE 主要观点及策略概述 | 1 | PVC | PVC | 2 | PVC | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 77.13% | 1.11% | 2.45% | 76.73% | 0.53% | 2.45% | 78.14% | 5.19% | 3.99% | 3 | PVC | 7.932 | 0.762 | PVC | | 1 | 2 | PVC | 33.61% | 11.78% | 3 | PVC | | | | | | | | | 0.3% | 23 | 37.96% | 4 | PVC | 39.80% | PVC | | | | | | | | | 5 | 2025 | 7 | PVC | 33.06 | 606 | / | 1-7 | 229.10 | 26.17% | 112.82% | 56 ...